Lending Pool Auction Experiment

[mndrix]

I would like to Borrow 50ß from Ryepdx

JackRabiit, with this experiment, you borrow from the pool at large and not from an individual participant.  See Holy-Fire's post above for an example of how to make a bid to borrow from the pool.  You do meet the borrower qualifications, so if you post your bid before the cutoff today, I'll enter you in the auction.

i wish to lend 100 btc for 104btc in return.
return address is 17QGrpWtkoEmKQ4SKZ1YrBtHTSbPKtS7sm

fornit, please send funds to 1Z5x6h4UGx5HdMhxhUvJZMhQsxzGc9DNE

I wish to borrow 20btc and will pay back at least 21btc
Funds should be sent to this address 149dqpBxwVafaRpoGsy9LoqENenJxf3vcq

noagendamarket, I've entered your bid in the spreadsheet.

I wish to borrow 100 BTC and pay back up to 104 BTC.
Funds should be sent to this address: 1MkaaRUM8hd68Q8E5yLBhwsWztjXFhFd6

0x6763, I've entered your bid in the spreadsheet

I wish to lend 5 BTC for 6 BTC or more in return.
My return address is 1PQHsVxLPewxavMsgJXs28wnYY2DH7MqCR

8668, please send funds to 12k9UctLRVBvWFuwTE7szVqMDvFdiqQHLh


Remember that the auction closes today at 18:00 UTC.  I'll handle final bids, announce winners and distribute funds within a couple hours after that.

[FooDSt4mP]

I wish to lend 100 BTC and receive at least 103 BTC in return.
Payment/Return of funds: 14oEq2DZwPThsfk99wGfSMCuGgeMkL1PFW

yrral86, please send funds to 16E8oTDkTPgpfBDvNYX7iFpdTBKrE4WDqS

100BTC sent:
http://blockexplorer.com/address/16E8oTDkTPgpfBDvNYX7iFpdTBKrE4WDqS

[Fiyasko]

I would like to Borrow 50ß from Ryepdx

JackRabiit, with this experiment, you borrow from the pool at large and not from an individual participant.  See Holy-Fire's post above for an example of how to make a bid to borrow from the pool.  You do meet the borrower qualifications, so if you post your bid before the cutoff today, I'll enter you in the auction.

i wish to lend 100 btc for 104btc in return.
return address is 17QGrpWtkoEmKQ4SKZ1YrBtHTSbPKtS7sm

fornit, please send funds to 1Z5x6h4UGx5HdMhxhUvJZMhQsxzGc9DNE

I wish to borrow 20btc and will pay back at least 21btc
Funds should be sent to this address 149dqpBxwVafaRpoGsy9LoqENenJxf3vcq

noagendamarket, I've entered your bid in the spreadsheet.

I wish to borrow 100 BTC and pay back up to 104 BTC.
Funds should be sent to this address: 1MkaaRUM8hd68Q8E5yLBhwsWztjXFhFd6

0x6763, I've entered your bid in the spreadsheet

I wish to lend 5 BTC for 6 BTC or more in return.
My return address is 1PQHsVxLPewxavMsgJXs28wnYY2DH7MqCR

8668, please send funds to 12k9UctLRVBvWFuwTE7szVqMDvFdiqQHLh


Remember that the auction closes today at 18:00 UTC.  I'll handle final bids, announce winners and distribute funds within a couple hours after that.

I would like to retract my loan request, I am unable to repay as fast as desired

[mndrix]

The auction has closed.

The following lenders sent no funds, so their bids were removed:

• ryepdx
• bitjet

By my calculation, the market clearing rate is 107.14%.  The following lenders win:

• yrral86
• mndrix
• fornit
• mpkomara

The following borrowers win:

• mndrix - 20 BTC (must repay 20.83)
• Holy-Fire - 200 BTC (must repay 208.34)
• noagendamarket - 20 BTC (must repay 20.83)

I will return funds to the following lenders who had failed bids:

• SteveB - 20 BTC
• mewantsbitcoins - 20 BTC
• noagendamarket - 20 BTC
• JA37 - 10 BTC
• 8668 - 5 BTC

After distributions to borrowers, there are 106 BTC left in the pool that was not lent out.  This balance is returned to the winning lenders immediately as follows:

• yrral86 - 30.41 BTC
• mndrix - 15.35 BTC
• fornit - 30.71 BTC
• mpkomara - 29.53

I'll postpone distributions for an hour or two so that others can check my calculations.  When calculating the market clearing rate, I assumed that borrowers required their entire loan to be filled but that lenders would accept partial fulfillment.  I realize now that I didn't state this in the OP.

[fornit]

looks good to me.

[mndrix]

I've distributed all funds from the lending pool.  Borrowers, your repayment addresses are below.

mndrix - 20 BTC (must repay 20.83)

Repay to 1M55AFnapLso1ZsC8gxWDxuasZ8ZL2bpVu

Holy-Fire - 200 BTC (must repay 208.34)

Repay to 1CgdhHrDSiBXDsGRrAQx6WJgUak46MD1nG

noagendamarket - 20 BTC (must repay 20.83)

Repay to 1JeJ4GVDsmGvUh1JapUFXqAsGkcx7Wrbhx

[JA37]

Got my coins back.
Thanks for letting me play, albeit not winning.

[8668]

Coins have been returned, as expected.

[SteveB]

I got my coins back too.

[Anonymous]

Got coins back and paid 20.83

 

Next round Im lending 20 and want 21 back lol

[Meni Rosenfeld]

When calculating the market clearing rate, I assumed that borrowers required their entire loan to be filled but that lenders would accept partial fulfillment.  I realize now that I didn't state this in the OP.

I'm a borrower and would have accepted partial fulfillment if that was all that was possible. Next time you should probably prompt people to specify their policy on that.

[mndrix]

Just a reminder that loans from the pool must be paid by Friday, April 29th at 1800 UTC.  I'm sure all loans will be repaid, but a reminder never hurts

[mewantsbitcoins]

Are we gonna have more auctions like this?

[mndrix]

Are we gonna have more auctions like this?

I won't be running any more auctions like it.  It was just an experiment for me.  However, I think the experiment shows that someone could run a nicely automated system for weekly lending pool auctions.  I'd love to do it, but it's almost certainly illegal in my jurisdiction (USA), so I won't touch it.  Hopefully someone in a less restrictive country will take up the cause.

[Meni Rosenfeld]

Holy-Fire - 200 BTC (must repay 208.34)

Repay to 1CgdhHrDSiBXDsGRrAQx6WJgUak46MD1nG

Repaid.

[mndrix]

All loans have been repaid in full.

The following funds have been returned to lenders at their stated receiving addresses:

• yrral86 - 71.73 BTC
• mndrix - 36.21 BTC
• fornit - 72.42 BTC
• mpkomara - 69.64 BTC

I've left positive feedback in the list of honest traders and rated both Holy-Fire and noagendamarket in OTC.

Thank you to all who participated

[mpkomara]

mndrix --

this went extremely smoothly.  I would pay a small clearing fee to participate in another one of your lending pools if you ever get the courage to run a new one.

[fornit]

mndrix --

this went extremely smoothly.  I would pay a small clearing fee to participate in another one of your lending pools if you ever get the courage to run a new one.

#2

very good job, mndrix